coindesk.com
The head of Russia's lower house of the country’s parliament on Thursday said crypto market regulations will be ready by June of this year and come into force on July 1, 2027.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said that qualified and unqualified investors will be allowed to purchase cryptocurrencies although under separate rules, according to the Duma’s official news outlet.
A cap will be in place on retail investors' crypto purchases with the figure of 300,000 rubles ($4,000) being discussed, he added.
Qualified investors will also be required to undergo mandatory testing to ensure they understand the risks of cryptocurrency transactions, but they will be able to purchase any crypto assets in unlimited quantities, with the exception of anonymous ones.
Aksakov also said the crypto market framework will include penalties for illegal activities of intermediaries in the cryptocurrency that are similar to sanctions for illegal banking activities.
Russia’s central bank laid out a proposed framework in December that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to caution that investing in crypto carries risks, including potential losses. The central bank also said digital currencies and stablecoins are recognized as monetary assets, but they cannot be used for domestic payments.
Aksakov said cryptocurrency miners will be allowed to “legalize themselves as much as possible. We plan to establish administrative, financial, and, quite possibly, criminal liability for illegal activity in this market in separate legislation."
The parliamentary news outlet included comments from a lawyer saying the central bank will be tasked with compiling a list of top five to 10 cryptocurrencies permitted for trading. “These will definitely include BTC and ETH. They might also add SOL or TON, given their popularity in our country. The rest are only for qualified investors," the expert said.
"The Central Bank explicitly states: you cannot buy coins that conceal their intended recipients," such as “monero XMR$466.35, zcash ZEC$363.79, and dash. After all, if you can't construct a transaction graph and see where the money came from, such an asset won't pass AML (anti-money laundering) checks."